More can be read about it here. This model is more consumer oriented and this focus has led to a primary use in niche marketing.
Meaning, Definition and Characteristics of Marketing Mix with diagram! The process of marketing or distribution of goods requires particular attention of management because production has no relevance unless products are sold. The elements of marketing mix have been classified under four heads—product, price, place and promotion.
Decisions relating to the product includes product designing, packaging and labelling, and varieties of the product. Decision on price is very important because sales depend to a large extent on product pricing. Whether uniform price will be charged or different prices will be charged for the same product in different markets are examples of decision pertaining to the price of the product.
The third important element is place, which refers to decision regarding the market where products will be offered for sale. Promotion involves decisions bearing on the ways and means of increasing sales.
Different tools or methods may be adopted for this purpose.
The relative importance to be attached to the various methods is decided while concentrating on the element of promotion in marketing mix. In short, marketing mix involves decisions regarding products to the made available, the price to be charged for the same, and the incentive to be provided to the consumers in the markets where products would be made available for sale.
These decisions are taken keeping in view the influence of marketing forces outside the organization e. The components are also known as marketing mix variables or controllable variables as they can be used according to business requirements. Marketing mix is the crux of marketing process: Marketing mix involves many crucial decisions relating to each element of the mix.
The impact of the mix will be the best when proper weightage is assigned to each element and they are integrated so that the combined effect leads to the best results.
Marketing mix has to be reviewed constantly in order to meet the changing requirements: The marketing manager has to constantly review the mix and conditions of the market and make necessary changes in the marketing mix according to changes in the conditions and complexity of the market. Changes in external environment necessitate alterations in the mix: Changes keep on taking place in the external environment.
For many industries, the customer is the most fluctuating variable of environment. Brand loyalty and purchasing power also change over a period. The marketing manager has to carry out market analysis constantly to make necessary changes in the marketing mix.
Changes taking place within the firm also necessitate changes in marketing mix: Changes within the firm may take place due to technological changes, changes in the product line or changes in the size and scale of operation.A marketing communications mix is the same as a promotion mix and is just another term for promotion mix.
There are five marketing communications to put into the mix: Advertising, Sales Promotion, Public Relations, Personal Selling, and Direct Marketing.
Your marketing mix is the combination of elements that play a role in promoting and delivering your products and services to consumers or clients.
In this article, we will look at 1) an alternate marketing mix, 2) the 4C’s explained, 3) using the 4C model, and 4) an example of the 4C’s. AN ALTERNATE MARKETING MIX Traditionally, the marketing mix is a combination of 4P’s and is more business oriented. The Marketing Communications Mix is the specific mix of advertising, personal selling, sales promotion, public relations, and direct marketing a company uses to pursue its advertising and marketing objectives. Each tool in the communication mix has different characteristics, which affect how they are used in conjunction with the media and communication messages. According to Fill () four important characteristics can help guide your choice of which communication tool to use for delivering particular marketing communication .
In essence, it's about putting your product or service in the right place at the right time for the right price. At the core of any retail marketing plan is the mix consisting of the four Ps (Product, Price, Place and Promotion) of marketing.
The following images show retail examples of each of the elements of the mix and the next activity describes each element of the mix further.
Marketing Mix: Product, Price, Place, Promotion – Essay Sample Marketing decisions made by a company when shaping a suitable proposition for the potential . Marketing is a broad business function that includes product research and development, merchandising and distribution processes and pricing, as well as communication or promotion.
A marketing communication mix is a combination of marketing variables for a specific product/service, arrived at by choosing the best mix from the 4 Ps of marketing.